Keen Property Partners Retail is continuing to expand its portfolio of regional shopping centers in Poland, by the acquisition of Galeria Sandomierz, and the announcement of a new significant retail development planned for Gniezno.
The Gniezno shopping center is due to open late 2010.
The acquisition of Galeria Sandomierz, the first modern shopping center in the town, follows the recent announcement of KPP Retail's acquisitions of Park Handlowy Eden in Zgorzelec and the Graf center in Chelm in December last year. The Gniezno project, on the other hand, is a completely new development being planned by KPP Retail, aiming to open late 2010. The acquisition in Sandomierz and the Gniezno project are the latest milestones in the execution of KPP Retail's two-pronged business strategy. KPP Retail was established last year as the umbrella brand for the integrated services of Keen Property Partners, Master Management and Development Solutions and focuses on the acquisition and development of regional and local retail centers, a sector with high growth potential.
Galeria Sandomierz will be the first modern shopping mall in the town and the first stage plans to open in April this year. It is situated on Przemyslowa Street, only 2 km from the city center of Sandomierz, near to national route 77, which leads to Przemysl in the south via Jaroslaw, and Opatów in the north. The finished development will comprise of two separate one-story buildings with a total area of 10,000 m². The first building will house a Carrefour Express supermarket, a restaurant and a shopping gallery with a Drogeria Natura cosmetics store, an electronic goods store, numerous fashion outlets. A DIY store will be situated in the second building. There will be parking spaces for 200 cars, and the value of the investment is approximately €13 million.
The Gniezno project, still in the planning stage and being designed by award-winning architects Chapman Taylor, is envisaged by KPP Retail as a spacious and modern shopping mall bringing nearly 100 new stores to the people of Gniezno and the surrounding region. KPP Retail plans to create a vibrant new focal point for the local community and visitors in the center of Gniezno. The plans are to offer shoppers the largest shopping center in Gniezno, including a new supermarket, electronics stores, home furnishing outlets and several restaurants and cafés located in a food court. KPP Retail hopes the project will be ready for opening late 2010.
"We are excited by the fact that KPP Retail's already significant portfolio of high-profile regional shopping centers is continuing to grow," said Richard Keen, Managing Director, Keen Property Partners. "Our recent acquisitions such as Galeria Sandomierz, Park Handlowy Eden and the Graf center, together with our unique development projects such as Galeria Victoria in Wa³brzych, and the new plans for Gniezno, are the result of the cooperation of some of the best specialists and advisors that together create the quality represented by the KPP Retail brand."
KPP Retail is the umbrella brand for the complementary and integrated services of three companies: Keen Property Partners, Master Management